2020-1778 RESOLUTION No. 2020-1778
RESOLUTION AUTHORIZING THE ISSUANCE OF $27,280,000 IN GENERAL OBLIGATION
PROMISSORY NOTES FOR FINANCING VARIOUS PUBLIC PURPOSES AND $3,640,000 IN
GENERAL OBLIGATION COMMUNITY DEVELOPMENT BONDS TO PROVIDE FINANCIAL
ASSISTANCE FOR COMMUNITY DEVELOPMENT
WHEREAS, Section 67.12(12) Wis. Stats., authorizes any Wisconsin municipality to
issue promissory notes as evidence of indebtedness for any public purpose as defined in
Section 67.04(1)(b), Wis. Stats., and for general and current municipal expenses, including
interest thereon; and
WHEREAS, pursuant to Section 67.04(4), Wis. Stats., the legislature finds that
contracting of debt under Chapter 67, Wis. Stats., for any project constitutes a public purpose;
and
WHEREAS, the following public projects and purposes fall under the scope of Section
67.04(1)(b) and 67.12(12), Wis. Stats.:
$6,394,000 to construct and improve streets;
$119,000 to construct and improve storm sewers;
$3,558,000 to acquire, improve, and maintain parks and public grounds;
$3,046,000 to acquire, improve, and maintain public buildings and grounds;
$2,726,000 to acquire capital equipment;
$3,625,000 to construct and close landfills;
$1,326,000 to extend and improve the waterworks system;
$1,881,000 to extend and improve the sanitary sewer system; and
$4,605,000 to refund prior notes of the City; and
WHEREAS, Section 67.05 Wis. Stats., authorizes any Wisconsin municipality to issue
bonds as evidence of indebtedness for any public purpose as defined in Section 67.04(1)(b),
Wis. Stats., and for general and current municipal expenses, including interest thereon; and
WHEREAS, pursuant to Section 67.04(4), Wis. Stats., the legislature finds that
contracting of debt under Chapter 67, Wis. Stats., for any project constitutes a public purpose;
and
WHEREAS, the following public projects and purposes fall under the scope of Section
67.04(1)(b) and 67.05, Wis. Stats.:
$3,640,000 to provide financial assistance for community development; and
WHEREAS, such above proposed public projects and purposes and the issuance of
such promissory notes and community development bonds will be beneficial to the City and in
the best interest of the community;
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NOW, THEREFORE, Be It Resolved by the City Council for the City of Janesville that:
1. The City of Janesville may, pursuant to Section 67.12(12) Wis. Stats., issue up to
twenty-seven million, two hundred and eighty thousand dollars ($27,280,000) in non-taxable
municipal promissory notes to finance various public projects and purposes as follows:
$6,394,000 to construct and improve streets;
$119,000 to construct and improve storm sewers;
$3,558,000 to acquire, improve, and maintain parks and public grounds;
$3,046,000 to acquire, improve, and maintain public buildings and grounds;
$2,726,000 to acquire capital equipment;
$3,625,000 to construct and close landfills;
$1,326,000 to extend and improve the waterworks system;
$1,881,000 to extend and improve the sanitary sewer system; and
$4,605,000 to refund prior notes of the City.
2. Each promissory note so issued, plus interest, shall be repaid within ten (10)
years after the original date of the note pursuant to Section 67.12(12), Wis. Stats.
3 The City of Janesville may, pursuant to Section 67.05 Wis. Stats., issue up to
three million, six hundred and forty thousand dollars ($3,640,000) in taxable municipal
community development bonds to finance various public projects and purposes as follows:
$3,640,000 to provide financial assistance for community development.
4. Each community development bond so issued, plus interest, shall be repaid
within twenty (20) years after the original date of the bond pursuant to Section 67.05, Wis. Stats.
5. The City Clerk is authorized to publish a Notice to Electors pursuant to Section
67.05(7)(b), Wis. Stats.
6. Each such promissory note and community development bond issued shall
constitute an indebtedness of the City of Janesville.
7. The purpose of this section of this resolution is to satisfy the "Official Intent
Requirement" of Treasury Regulations Section 1.150-2.
(a) The City has determined to undertake the following categories of capital
improvements and to expend funds for each such category of capital improvement in the
estimated amount set forth opposite each capital improvement in the following table:
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Category of Capital Improvement Estimated Expenditure
Construct and improve streets $1,096,000
Construct and improve storm sewers $67,000
Acquire, improve, and maintain parks and public grounds $2,043,000
Acquire, improve, and maintain public buildings and grounds $554,000
Acquire capital equipment $1,186,000
Construct and close landfills $593,000
Extend and improve the waterworks system $648,000
Extend and improve the sanitary sewer system $1,584,000
Provide financial assistance for community development $3,300,000
(b) The City reasonably expects to be reimbursed for such expenditures with
proceeds of its debt. The maximum principal amount of debt expected to be issued for the
reimbursement of such expenditures is $11,071,000.
(c) This declaration of official intent is consistent with the budgetary and financial
circumstances of the City.
(d) A copy of this resolution shall be filed immediately in the office of the City Clerk
and shall be made available for public inspection in the manner required by law.
(e) This resolution shall be operative and effective upon its passage.
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ADOPTED: May 26, 2020 Motion by: Conley
Second by: Wolfe
APPROVED: Councilmember Aye Nay Pass Absent
BensonX
CoonleyleyX
Farrell X
Mark A. Fre. ag, City Manager Johnson X
Marklein X
ATTEST: Williams X
Wolfe X
Derrek eise, Deputy Clerk-Treasurer
APPROVED AS TO FORM:
eigiv/W
Wald Klimczyk, City Attorney
Proposed by: City Manager
Prepared by: Kevin Barney, Bond Counsel
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